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Ablynx knocks-back Novo Nordisk’s second bid

Says the Danish pharma group “fundamentally undervalues” the company

AblynxAblynx has rejected Novo Nordisk’s proposal to acquire the Belgian biopharma and its lead candidate caplacizumab, stating that the deal wouldn’t be in the “best interests of the company”.

Late last year Novo proposed to acquire all of Ablynx’s outstanding shares for €28 per share in cash, an offer which would have culminated to a total of €2.6bn.

However Ablynx - whose long-term plan is to become a “fully integrated” biopharmaceutical company - said the offer “fundamentally undervalues caplacizumab, Ablynx’s pipeline, platform, technology, people and know how”.

Dr Edwin Moses, chief executive officer of Ablynx, said: “The board sees no merit in ceding control of its assets with full upfront value recognition for shareholders and believes the proposed consideration and a complex instrument like a CVR does not constitute a basis for further discussions at this time.”

Novo made an initial bid of €26.75 per share in cash for Ablynx back in December last year, but was rejected on the same basis.

Moses continued: “With Ablynx’s enormous upside, we are focused on executing on opportunities that have the potential to deliver long-term growth and returns and are confident in our ability to create significant value.”

Ablynx, which has a number of big pharma collaborations, is currently preparing for the launch of rare bleeding disorder drug caplacizumab and said continued execution of its strategic plan will “deliver substantially more value to Ablynx shareholders than Novo Nordisk’s proposal”.

Article by
Gemma Jones

9th January 2018

From: Sales

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